Global private markets investor Partners Group is acquiring Dutch decentralised heating and cooling solutions provider Eteck from Infracapital.
Partners Group, which is investing on behalf of its clients, has agreed to buy Eteck from the infrastructure equity investment arm of M&G and other minority shareholders for an unspecified amount.
Eteck provides comprehensive heating and cooling solutions for residential and commercial buildings, serving over 100,000 connections across the Netherlands.
Partners Group said it intends to “transform Eteck into a decentralised energy solutions platform” and will work with the company’s management team on value-creation initiatives.
“These include accelerating organic growth, diversifying the portfolio of customer solutions, implementing digitisation initiatives, and expanding its footprint internationally,” it added.
David Daum, partner and head of infrastructure Europe at Partners Group, said: “We identified Eteck through our thematic investing approach and were attracted by the company’s strong competitive position, as well as its growth prospects.
“The sustainable heating and cooling solutions market is at an inflection point, with demand driven by ambitious decarbonisation targets across Europe. We look forward to working with Eteck’s experienced management team on unlocking the company’s full potential.”
Kevin Gilhawley, member of management, infrastructure Europe at Partners Group, said: “Heating and cooling represents a significant proportion of CO2 emissions in Europe, with around 90% of the total installed base in the Netherlands currently using gas boilers.
“The sector has therefore become a priority for decarbonisation initiatives. We will leverage our deep experience in building district heating platforms and energy-as-a-service providers to help Eteck capitalise on demand for sustainable heating and cooling solutions.”
Michiel van den Berg, CEO of Eteck, said: “In addition to broad decarbonisation goals, the complexity of delivering decentralised heating and cooling solutions to multi-dwelling buildings and commercial properties acts as a further tailwind for our offering.
“At Eteck, we continue to reinforce the course set in recent years of investing into the quality of our offering, with our customer being the top priority.
“The market is highly fragmented and through our new partnership with Partners Group, which has significant experience in scaling infrastructure platforms, we see an opportunity to strengthen our market-leading position.”
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